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Wanda selling theme parks and hotels in $9.3B deal

Source: Date:2017-07-10
Dalian Wanda Commercial Properties will sell a 91% interest in its 13 Wanda Cultural Tourism City projects plus 76 hotels to Sunac China Holdings for a total of about $9.3 billion.
Wanda opened its first Wanda Cultural Tourism City project in Nanchang last year and has others in development in several cities, including Guangzhou, Chengdu and Haikou. The developments have three completed theme parks and a number of others under construction.
Wanda has more than 100 hotels under the Wanda Vista, Wanda Realm Wanda Reign and Wanda Jin brands, with 160 more slated to be opened by 2020, including hotels in Chicago and Los Angeles.
The company is now going with an asset-light strategy. As part of the agreement, Wanda will maintain both branding and management of the sold hotels.
Wanda and Sunac said Monday that they will sign an official agreement by the end of the month. The deal would be the second-largest real estate sale in China’s history, reported Reuters.
Wanda is headed by Wang Jianlin, whose $31 billion net worth makes him China’s wealthiest citizen and the world’s 18th-wealthiest person, according to Forbes.
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